Compare Today’s Refinance Rates

Current mortgage refinance rates

Mortgage rates change all the time, driven by factors like the economy, Treasury bond rates and demand. Lenders nationwide provide weekday mortgage rates to our comprehensive national survey of the most current rates available. The interest rate table below is updated daily. Use these as a guide to what’s available, but keep in mind your rate may vary depending on your qualifications and the lender you choose.

Where are rates headed?

Up. Mortgage interest rates fell to record lows during the coronavirus pandemic, which led to a huge surge in refinancing and homebuying. Rates have been trending up since February 2021 but they are still not far from record-low territory and are relatively low by historical standards. Most experts say it may be many months or even years before mortgage rates return to their pre-pandemic levels.

• How Bankrate's mortgage and refinance rates are calculated

  Here you can see the latest marketplace average rates for a wide variety of refinance loans. The interest rate table above is updated daily to give you the most current refinance rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.

• Why trust Bankrate?

  Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting information on mortgage and refinance rates from the nation’s largest lenders for more than 30 years. Top publications such as The New York Times, Wall Street Journal, CNBC and others depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.

• How to use our refinance rate table

  This table will show you estimated mortgage refinance rates from different lenders, tailored to you. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. You will get quotes based on that information, and you’ll be on your way to getting a new mortgage. This is an estimate; your actual rate will depend on a number of factors.

• How mortgage refinance rates work

  Mortgage interest is simply how much you pay the bank to borrow its money. If you’re taking out a $100,000 mortgage, you’ll pay back more than $100,000 over time for the privilege. Shorter-term loans have lower interest rates than longer-term ones. With that lower interest rate and more-rapid payback, a 15-year mortgage, for example, will be a lot less expensive overall than a 30-year one. The flip side is, shorter-term loans mean higher monthly payments, so even though they save you money overall, they can squeeze your monthly budget. Thanks to the ongoing trend of low interest rates, shorter-term loans have become more affordable for many borrowers, and have become especially popular with homeowners looking to refinance.

• How to find the best refinance rates

  Shopping around for quotes from multiple lenders is key for every mortgage applicant. When you shop, consider not just the interest rate you’re being quoted, but also all the other terms of the loan. Be sure to compare APRs, which include many additional costs of the mortgage not shown in the interest rate. Some institutions may have lower closing costs and fees than others, or your current bank or credit union may extend you a special offer. Don’t be afraid to walk away from your current lender when you refinance. If you can find a better deal elsewhere, go for it. Look at quotes from online and traditional banks. Consider using a mortgage broker, who will be able to provide rates from wholesale lenders.

• Top 5 Bankrate refinance lenders

  • Better.com - Best online lender
  • Cardinal Financial Company - Best for low-credit score borrowers
  • Interfirst Mortgage Company - Best non-bank lender
  • Sage Mortgage - Best broker
  • LoanDepot - Best no-fee lender

  Methodology

  Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

  Better.com – Best online lender

  Better.com (Better Mortgage) is an online mortgage lender available in most states, with a speedy process for both homebuyers and homeowners looking to refinance. The lender is one of Bankrate’s best overall and best for refinancing.

  Strengths: Borrowers can do a rate-and-term or cash-out refinance through Better.com, with the ability to get preapproved in as little as three minutes and lock in a low rate using the lender’s 24/7 rate-lock. The lender also has a refinance calculator that allows you to estimate how much you can save.

  Weaknesses: Better.com doesn’t offer home equity lines of credit (HELOCs) or home equity loans, and doesn’t do refinances for homes in LLCs.

  Read Bankrate's Better.com mortgage review

  Cardinal Financial Company – Best for low-credit score borrowers

  Cardinal Financial Company, also doing business as Sebonic Financial, is a national mortgage lender. Its proprietary system, Octane, helps you find the right refinance option for your needs and stay organized throughout the process.

  Strengths: With Cardinal Financial’s Octane platform, you’ll get a customized to-do list with document requests and steps to keep your refinance on track. Your refi options with this lender include conventional, FHA, VA and USDA rate-and-term refinancing; conventional, FHA and USDA cash-out refinancing; FHA, VA (IRRRL) and USDA streamline refinancing; and jumbo refinancing.

  Weaknesses: Cardinal Financial doesn’t offer HELOCs or home equity loans, which can be alternatives to other types of refinancing. The lender also doesn’t display rates or fees on its website.

  Read Bankrate's full Cardinal Financial Company mortgage review

  Interfirst Mortgage Company – Best non-bank lender

  Interfirst Mortgage Company (Chicago Mortgage Solutions LLC) is a direct, wholesale and correspondent lender available in several states.

  Strengths: Interfirst Mortgage Company doesn’t charge application, underwriting or other lender fees, and offers fast closings whether you’re buying a home or refinancing. After answering a list of questions, you can get rate information through the lender’s website (although you’ll need to toggle over to “Refinance” to get this kind of offer).

  Weaknesses: The lender is only licensed in 23 states and Washington, D.C.

  Read Bankrate's Interfirst Mortgage Company reviews

  Sage Mortgage – Best broker

  Sage Mortgage (Forward Mortgage Lending) is a mortgage broker offering an easy online process to connect borrowers to multiple types of loans and lenders. The broker is owned by Bankrate parent company Red Ventures.

  Strengths: Borrowers looking to refinance can get personalized rates through Sage Mortgage in as little as 60 seconds, according to the broker, which has access to both conventional and FHA rate-and-term or cash-out refinancing.

  Weaknesses: Sage Mortgage is only available in 18 states.

  Read Bankrate's Sage Mortgage review

  LoanDepot – Best no-fee lender

  LoanDepot is a national mortgage lender with both an online presence and more than 200 locations. The lender is on Bankrate’s list of best lenders for cash-out refinancing, and if you’re doing a cash-out refi, you can expect to receive the funds as soon as one day after closing.

  Strengths: If you refinanced with LoanDepot in the past and are looking to refinance with the lender again, you won’t have to pay any lender fees, and you’ll get reimbursed for the appraisal fee. The lender stands by a “no steering” policy, as well, so you won’t be pushed toward a product that might not be the best fit for your situation.

  Weaknesses: LoanDepot doesn’t showcase fee details on its website, and doesn’t offer HELOCs or home equity loans.

  Read Bankrate's LoanDepot review

Mortgage News

• Mortgage rates aren’t rising because lenders are competing more

  Market watchers expected mortgage rates to be climbing toward 4 percent by now. In a break for borrowers, the anticipated run-up in rates hasn’t really begun.

  Instead, mortgage rates declined for five consecutive weeks in April and May, according to Bankrate’s national survey of lenders.

  One reason? Lenders are flush with profits from a banner year in 2020, and they’ve decided to offer better deals to borrowers to compete for business.

  "There’s no question it’s good news for consumers," says Guy Cecala, publisher of trade publication Inside Mortgage Finance. "It means we’re likely to have 3 percent or lower mortgage rates lingering around a little longer than we thought."

  For homeowners looking to refinance, price competition means the window of opportunity remains open. Rates are staying low enough that a refinance makes sense for a larger number of borrowers. And for buyers competing in a fast-appreciating housing market, even slight reductions in rates boosts their buying power.

  "Any time there is heated competition, it is a win for consumers," says Greg McBride, CFA, Bankrate chief financial analyst.

• What you can do?

  To score the best deal on a mortgage:

  • Shop around. Closing costs and rates vary by lender, so get three bids.
  • Understand the breakeven point. That’s the moment at which the savings in monthly payments offset the amount of the closing costs. This refinance calculator can help you decide.
  • Don’t chase the lowest rate. Yes, a low rate and paltry payment are good, but make sure those benefits aren’t overwhelmed by closing costs.

What to you need to know about refinancing your mortgage

• What is a mortgage refinance?

  A refinance lets you pay off your old loan and replace it with a new mortgage at a new term and a new rate. You’ll have to provide a small mountain of documents, including tax returns and bank statements.

  Learn more about how mortgage refinancing works.

• Mortgage refinancing requirements

  To refinance your existing loan, you’ll need to meet strict requirements. You’ll have to prove you have plenty of income to cover the payments, for instance, and your lender will check your credit score and verify your employment.

• Pros and cons of refinancing

  Refinancing can be a smart move, but there are also downsides:

  Pros:

  • You can lock in a lower rate by refinancing.
  • If your home’s value has risen, you might be able to end private mortgage insurance.
  • If you need money for renovations, a cash-out refi offers cheap capital.

  Cons:

  • Refinancing costs money. Closing costs can total 2 percent to 5 percent of the amount of the mortgage.
  • If you refinance from a 30-year loan to another 30-year loan, you’ll extend your repayment period.

• How to refinance in 5 steps

  Refinancing can save you thousands of dollars a year, but it does require some work on your part. Here’s a quick guide:

  • Check your credit score
  • Figure out how long it will take you to break even on a refi using this refinance calculator.
  • Compare lenders with the lowest APRs. You'll want to identify lenders with the best rate and terms. Check out Bankrate’s lender reviews to help make your decision.
  • Once you’ve identified your lender, find out what paperwork you need. The faster you gather all the required documents, the faster the lender will be able to process your loan.
  • Don’t open new credit accounts until the new mortgage closes. Opening new accounts or running up your credit cards can derail your application.

  For more information on how to refinance your mortgage, read Bankrate's guide on refinancing your home loan.

• Are mortgage rates different for refinancing?

  Refinance and purchase loans typically have the same rate. Borrowers might notice slightly higher refinance rates when they’re in demand. Experts don’t recommend trying to time the market — in other words, waiting for rates to drop — as there are so many variables that can affect rates, making it difficult to accurately predict whether they’ll rise or fall.

  If you find a rate that will save you money, then it’s a good idea to lock it in so you don’t risk missing out if rates jump.

• Types of refinancing

  Rate and term refinance

  A rate and term refinance lets you replace your existing mortgage with a new one that has a different rate, terms or both. Unless you make a lump sum payment toward your principal, it does not change how much you owe.

  With a rate and term refinance borrowers can reduce their interest rate, lower their monthly payments (by extending their loan) or shorten their term (which usually raises monthly payments) in order to pay off the loan faster.

  Cash-out refinance

  A cash-out refinance lets you tap your equity by refinancing your mortgage. Because you're withdrawing cash from your home’s value, the new mortgage amount will be higher. Lenders typically limit cash-out refinances to no more than 80 percent of your home’s value so that you still have some equity left in your home.

  Sometimes lenders will also charge higher interest rates because the loan amount is increasing. Between a larger mortgage and higher interest rate, make sure you run the numbers before you go this route.

  Streamline refinance

  Streamline refinance is a product specifically for FHA-insured mortgages. The advantage of streamline refinancing is that there are minimal credit requirements and the loan processing is typically fast (because appraisals aren’t required and there are fewer asset and income verification requirements). A streamline refinance can also be less expensive than conventional refinancing. Some lenders offer streamline refinances with no upfront costs wherein the lender will pay some or all of the closing costs in exchange for a higher interest rate.

• Average cost of refinancing your mortgage

  Closing costs for refinancing your mortgage can run thousands of dollars, usually between 2 and 5 percent of the loan amount. These costs also vary by where you live, as origination fees, third-party fees and taxes differ by city and state.

  At the median U.S. home price of $329,100 in March 2021, expect to pay about $6,582 to as much as $16,455 in refinance closing costs. But there’s a wide variation nationally in these numbers.

  In 2020, the average closing costs nationally for a single-family home were $6,087 including taxes, and $3,470 without, according to ClosingCorp, a real estate data firm. However, that figure for the District of Columbia was $29,329 while New York state came in at $13,261. On the other end, closing costs in Indiana were $2,100, while Missouri was $1,571.

• Is now a good time to refinance?

  The short answer is yes, there’s never been a better time to refinance your mortgage.

  Mortgage rates have risen a bit from their record lows. It’s anybody’s guess whether rates will stay this low, but the Federal Reserve has pledged to keep its federal funds rate near zero for the next year or two as the economy recovers from the pandemic.

  With the coronavirus pandemic easing and the economy recovering, nearly every mortgage expert expects rates to rise for the rest of 2021 and into 2022. In other words, rates are unlikely to be lower than they are now.

• Is it worth it to refinance?

  Whether it’s worth it to refinance depends totally on the numbers, no guesswork involved. It’s all a matter of when the savings outweigh the costs. Bankrate’s mortgage refinance calculator will run the numbers for your specific mortgage rate and term and give you the exact number of months it will take to break even and start saving.

  If you’d rather not run the numbers just yet, you can be pretty sure you’ll save money with a mortgage refinance if you shave 1 percentage point or more off your current mortgage rate. Also figure that to get the best rate, you’ll need to have a credit score of 740 or higher and have enough equity in your home (at least 20 percent) to avoid the cost of private mortgage insurance.

  Here’s a quick look at why people refinance their mortgage:

  • Saving money on interest costs by lowering your monthly payment and or the term (number of years) you pay the loan.
  • Getting rid of an adjustable-rate loan. These loans with annual interest-rate resets have fallen out of favor and with good reason. Why take a chance on rates fluctuating when you can lock in a sure and low rate for the life of the loan?
  • Raising cash. If you need money to pay for home improvements or fund college for your kids, home equity can be tapped with a cash-out refi where you receive some of your equity as a check at closing. The lower interest rate may mean you’ll have the cash and your payments won’t rise either.
  • Take advantage of your improved credit. If your credit was tarnished when you first took out your mortgage and has improved since, you may be able to save even more. Your new rate will reflect your improved credit and the prevailing rock-bottom interest rates.

• At what percent decrease should I refinance my home?

  There’s no hard and fast rule about what threshold makes it worth it to refinance. Some mortgage experts say half a point or a full percentage point always works out in your favor. At the end of the day, it’s about calculating your costs. If a refinance will save you money and you’ll recoup your closing costs in an amount of time that you deem reasonable, it’s probably worth it to refinance and take advantage of those savings.

• What you will need to refinance

  To refinance, you’ll need to apply for a new mortgage. Lenders will typically verify employment and run a credit check.

  Documents you'll need:

  • Identification
  • Tax returns
  • Proof of assets, including bank statements and brokerage account statements.

  Lender requirements vary, so talk to your lender about what sort of documentation you need to supply.

• How much equity do I need to refinance?

  For a cash-out refinance, most lenders require that you have a minimum of 20 percent equity in your home. For a rate-and-term refinance, the equity requirement will vary by lender.